The medieval village economy: a study of the Pareto mapping in general equilibrium models
Gespeichert in:
1. Verfasser: | |
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Format: | Buch |
Sprache: | English |
Veröffentlicht: |
Princeton, NJ
Princeton Univ. Press
1993
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Schriftenreihe: | Frontiers of economic research
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Schlagworte: | |
Online-Zugang: | Publisher description Table of contents Inhaltsverzeichnis |
Beschreibung: | XVI, 145 S. graph. Darst., Kt. |
ISBN: | 0691042705 |
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100 | 1 | |a Townsend, Robert M. |e Verfasser |4 aut | |
245 | 1 | 0 | |a The medieval village economy |b a study of the Pareto mapping in general equilibrium models |c Robert M. Townsend |
264 | 1 | |a Princeton, NJ |b Princeton Univ. Press |c 1993 | |
300 | |a XVI, 145 S. |b graph. Darst., Kt. | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
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490 | 0 | |a Frontiers of economic research | |
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648 | 7 | |a Geschichte 1066-1600 |2 gnd |9 rswk-swf | |
650 | 4 | |a Aldeas - Aspectos económicos - Gran Bretaña - Modelos matemáticos | |
650 | 7 | |a Dorpen |2 gtt | |
650 | 4 | |a Equilibrio (Economía política) | |
650 | 7 | |a Evenwichtsmodellen (Economie) |2 gtt | |
650 | 7 | |a Landgebruik |2 gtt | |
650 | 4 | |a Señoríos - Aspectos económicos - Gran Bretaña - Modelos matemáticos | |
650 | 4 | |a Tierra, Uso de la - Aspectos económicos - Gran Bretaña - Modelos matemáticos | |
650 | 4 | |a Geschichte | |
650 | 4 | |a Landwirtschaft | |
650 | 4 | |a Mathematisches Modell | |
650 | 4 | |a Wirtschaft | |
650 | 4 | |a Manors |x Economic aspects |z England |x Mathematical models | |
650 | 4 | |a Village communities |x Economic aspects |z England |x Mathematical models | |
650 | 4 | |a Agriculture |x Economic aspects |z England |x Mathematical models | |
650 | 4 | |a Land use |x Economic aspects |z England |x Mathematical models | |
650 | 4 | |a Land use |z England |x History |y To 1500 | |
650 | 4 | |a Manors |z England |x History |y To 1500 | |
650 | 4 | |a Equilibrium (Economics) | |
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651 | 4 | |a Gran Bretaña - Condiciones económicas - 1066 1485 | |
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adam_text | Contents
List of Figures XV
List of Tables xvii
Preface xix
Acknowledgments xxi
Chapter 1
Introduction 1
1.1 -Motivation and Outline
Five key features of a typical medieval village are presented: ex-,
treme spatial fragmentation of landholdings, high variability in
yields, low cross-land correlations in yields, virtually no carryover
of crops from one year to the next, and mo recorded borrowing-
lending between lord and villagers. The method of analysis is then
outlined/to see whether these observations can be understood as
Pareto optimal solutions to land-plot portfolio problems, with ag-
gregate and idiosyncratic risk, with costs to fragmentation, and
with possible private-information, incentive problems. The contri-
bution is to develop a general equilibrium, private-information the-
ory of landholdings in high-risk environments, to show how to for-
mulate programming problems for the study of Pareto optima
despite impediments to trade, arid to further numerical analysis in
the study of village economies. A by-product is a pédagogie exposi-
tiori of applied equilibrium analysis.
1.2 Historical Background
Medieval villages are placed in the larger historical, environmental
context by describing events in northwest Europe from the decline
of the Roman Empire through the Comriiefcial Revolution and on
to 1600. Though no region was ever completely isolated of closed,
interregional and international trade varied considerably, and at.
various times and places, even relatively late, the hostile, militaris-
tic environment did reduce voluntary exchange to a low if not neg-
ligible level.
Chapter 2
Uncertainty and Landholding Patterns 20
2.2 Statistics on Crop Yields
The extent of risk in crop production is reviewed. Tables are pre-
viii CONTENTS
sented showing coefficients of variation of yields across crops and
across the village for which there áre written records, for example,-
the estates of the Bishop of Winchester and Woodstock Manors. Two
types of models of uncertainty are identified: uniform weather on
dissimilar land plots and idiosyncratic or local shocks on uniform
land. The extent of fragmentation is presented by a look at the vil-
lage of Laxton.
2.2 Risk-Allocation in an Arrow-Debreu Model
with Cross-Household Diversity
Using the state-contingent commodity space of Arrow and Debreu,
one can derive under weak assumptions on preferences strong im-
plications for the determination of households consumptions, by
solving a concave programming problem. At an optimum, house-
hold consumptions are determined entirely by aggregate consump-
tion and must comove positively with it. Stronger assumptions on
preferences deliver linear sharing rules, but in any event sharing
rules can be determined numerically.
2.3 Division of Land Types as dnEx Ante Solution
to the Risk-Allocation Problem
Conditions are described under which an optimal allocation of con-
land requiring no ex post consumption transfers whatever. Under a
special class of preferences, shares overall land types would suf-
fice, uniform over types but possibly nonuniform over households.
Evidence from actual villages for this practice is presented. Under
more general preferences it almost suffices that there be as many,
land types with independent return vectors as there are states of the
world. Otherwise, ex ante division might not suffice, but numerical-
analysis suggests that inefficiencies might be small. Costs to diver-
sification create a nonconvexity in the land-type allocation problem,
but this can be remedied with randomization. Still, these costs could be
avoided if ex post transfers were not exogenously restricted io zero,
begging the obvious question about actual facts. Further problems
concern actual constraints oh patterns of divisions, for example,.to
conform with the geometry of long, narrow strips as dictated by the
nature of plow teams. Systematically numbered but arbitrary divi-
sions across households observed in some villages might also cause
a problem.
2.4 Spatial Division as an Ex Ante Solution with Costs
of Fragmentation
With uniform land, but with idiosyncratic shocks; such as hail-:
storms and crop disease, and with explicit costs to fragmentation,
CONTENTS ix
one can formulate a concave (linear) program; One can use lotteries
(if there is diversity across households) and thus one can derive the
extent of land division, variability of individual (the lord s) crop
output, and declining cross-land correlations. One can then try to
match these statistics to the actual data by varying parameter val-
ues for idiosyncratic risk, risk aversion, and fragmentation costs.
2 5 Multiple Crops and the Diet
The classic three-field; open-field system is described with an em-
phasis on multiple crops and the shortage of pastureland for ani-
mals. Low. cross-crop yield * correlations : are presented with evi-
dence on the predominance of grain in the diet.
2.6 Risk Allocation with Multiple Goods and Preference
Aggregation over Diverse Households
The derivation of an optimal allocation of risk bearing can proceed
as before^ now with multiple goods, by solving concave program-
ming problems. Under separability of preferences, monotonicity of
households consumptions with the associated aggregates also fol-!
lows as before. Nonseparabilities may cause perverse cases of de-
clining shares, but these can be found numerically. Many nonsepa-
rable* functions still yield positive linear rules: Conditions for
aggregation of diverse preferences across households into those of
some representative consumer are made explicit.
2.7 Multiple Goods and the Land-Crop Allocation Problem
Under either model of uncertainty the analysis of division of land
can proceed as before, now allowing land types and spatially sepa-
rated plots to be planted in particular crops. But direct aggregation
of crops into an aggregate grain allows summary statistics of risk.
Further, with quadratic preferences, only means, variances, and co-
variances across diverse crops matter. The risk reduction possibili-
ties of nonunitary correlations over crops, land types, and space are
thus made clear. If crop type were a matter of choice, then the open-
field system would have allowed unanimity across diverse house-
holds if and only if preferences aggregated into those of a
representative consumer. Lack of congruence of preferences thus
became a potential force in the eventual decline of the system.
Chapter 3
Storage as Risk Reduction:
3.1 Some Striking Observations on Carryover
Storage resulting in carryover from one year s crop to the next was
relatively rare, both for a given Winchester estate over time and for
X CONTENTS
a cross section of estates at a point in time. The accounts reveal
sharp spikes after a good year; with carryover then quickly dwin-
dling to zero.
3.2 The Neoclassical Growth-Stabilization Model
with Dual Storage Possibilities
The standard neoclassical growth-stabilization model is enlarged to
include two capital, inventory technologies: storage in the bin and
seed in the ground. These are parameterized by interest rate and
yield observations: the nominal interest rate and inferred deprecia-
tion rate is set at .30, and the (average) output-to-seed ratio is set at
2 to 1, with an upper bound imposed by finite land. With parame-
ters for risk aversion, preference discount rates, and shock struc-
tures, numerically computed solutions can display observed crop
variability, carryovers, and seed planting decisions.
3.3 The Representativeness of Carryover Observations in Models
. with Internal Diversity
The representative consumer dynamic-storage model makeis no
predictions about the distribution of storage in the. population. But
under certain preferences the lord s output and storage observa-
tions would be representative of the aggregate evendf individuals
made their own decisions. More weakly, the lord s storage stochas-
tic process would be representative of the aggregate if his output
process was, though this allows point-by-point divergence in the
cross section, that is, divergence across households at a point in
time.
3.4 The Adequacy of Storage as a Self-Insurance Device
Generally, in the theory, individually optimized storage-consump-
tion decisions cannot suffice to achieve an ex ante optimal cross-
sectional allocation of risk. Thus, even if carryover had been more
common than measured, ex ante land division would matter (if ex
post transfers were restricted to zero). But if carryover had been
more common, patterns of fragmentation would differ from those
pred icted earlier.
3.5 Carryover with Starvation: An Alternative Theory
with Noncohvex, Nohseparable Preferences
Utility functions defined over broader consumption domains but
with discontinuities at genuine subsistence points make prefer-
ences nonseparable and nonconvex. Lotteries deliver a linear pro-
gram and would allow a prediction of carryover and faminé rates
to be matched against actual observations. Both regular risk aver-
sion and distancé from disaster would matter.
CONTENTS XÍ
Chapter 4
Labor Arrangements 74
4.2 Some Observations on Disparate Landholdings
and Labor Arrangemen ts
Labor was required to farm crops, as observations on the lord s de-
mesne system make clear. Service requirements were roughly in’
proportion with each peasant s own landholdings, and the latter
varied across households considerably. Observations on compen-
sation from working on the lord s land are problematical.
4.2 Consumption-Labor Allocations with Crop Production
and Utility from Leisure
The theory extended to include (varying) time endowments, leisure
in utility functions, and labor in crop production functions delivers
clear.implications: leisure/worksharing as well as consumption
sharing; restrictions on the distribution of consumption and leisure
in the village population; absence of quid pro quo of consumption for
labor effort; and highly specified work assignments with monitors.
4.3 Implications of Consumption-Labor Theory for Observed
and Unobserved Arrangements
Aversion to work/leisure variability may have been an additional
motive underlying crop, land type, and spatial fragmentation, al-
tering the prediction of the model. But the premise of autarky in
consumptions and leisures is strained by observations on disparate
size landholdings, the prediction that consumptions and work ef-
fort should be negatively related, and the possibility of more effi-
cient allocation of labor contingent on idiosyncratic shocks such as
hailstorms, crop disease; and human sickness; Landless cotters may
have thus acted as a buffer against autarky. Household size obser-
vations and the nature of households are also called into question..
Cross-household labor reallocations would call into question the
one-sided picture of onerous, monitored employment on the lord s
demesne.
Chapter 5
Rentals with Unobserved Outputs 86
5.1 Monastic Payments
The clusters of manors constituting an estate} in ninth-century
France display an apparent pattern in spatial prganization: In man-
ors relatively near the central monastery the lord held land in de-
mesne; but in manors more distant, fixed commodity rents were
owed. These rents are said to have moved slowly over time and to
have hampered technological innovation.
xii CONTENTS
5.2 Risk Sharing with Private Information on Crop Output
Programming problems for the derivation of optimal risk-sharing
rules remain intact despite privately observed outputs with the ad-
dition of derived incentive-compatibility constraints. Special cir-
cumstances would deliver fixed, nonstate-contingent rentals from
the villa to the monastery, but multiple goods and lotteries over-
turn this conclusion.
53 Optimal Multiperiod Tie-Ins
Programming problems for multiperiod economies with private in-
formation on output are also tractable with derived period-by-
period incentive constraints; Optimal intertemporal tie-ins make
nonstate-contingent and time-invariant rentals unlikely. But ar-
rangements would have appeared inefficient at any point in time as =
optimal use is made of histories of output. Ironically, it seems these
same tie-ins would have mitigated incentives not to exploit techno-
logical innovation.
5A Costly State Verification
Programming problems can also accommodate costly and com-
pletely revealing audits of privately observed outputs. Costly state
verification makes nonstate-contingent rentals even less likely;
Chapter 6
Sharecropping with Unobserved Inputs
6.1 Share Rents among and within Villas
In Italy clusters of villas paid shares of crop output to the central
monastery. Tithes to village priests in England were also shares of
produce, and grain milling charges to the village lord in England
may have been in some proportion to output.
6.2 The Moral Hazard Problem and the Nature
of Optimal Sharing Rules
The standard principal-agent problem is critically reviewed and
shown to yield fixed share rents only in special circumstances.
* Monotonicity of transfers with output can be lost; transfers are de-
pendent on what output reveals about unobserved labor effort.
6.3 The Gain from Randomization
Ex post consumption lotteries and ex ante contract lotteries may ben-
efit both landlord and peasant Programs with lotteries can be
made convex and hence are widely applicable.
6.4 Efficient Intertemporal Tie-Ins
In multiperiod environments contemporary fixed-share rentals
CONTENTS Xiü
would be functions of entire histories of observable outputs, in ef-
fect embedding borrowing-lending and other intertemporal tie-ins.
6.5 Optimal Cross-Household Tie-Ins
Output transfers would also be made contingent on any informa-
tion revealing of unobserved labor effort. If individual plots were
subject to shocks with a common factor, outputs across all village
plots would help to determine any household s rental.
6.6 Economywide Reporting Systems
If privately observed shocks are seen prior to labor effort then with
full communication both labor allocations and output transfers can
depend on reports of these.
Chapter 7
An Incentive Theory of Landholdings 120
7.2 The Importance of Idiosyncratic Shocks
Ex post transfers are not set to zero but are determined as part of the
larger risk-bearing land-allocation problem. In the diverse land,
uniform-weather model of uncertainty, shocks peculiar to land
types could be made public with modest land-plot diversification,
undercutting the motive for land fragmentation. In the uniform
land, diverse-weather model of uncertainty, spatially fragmented
plots serve as monitors and can too easily reveal the number of
storms and the extent of damage from each unless extreme assump-
tions are made. Thus, the effort here to limit ex post transfers by pri-
vate information, incentive considerations essentially fails for these
two models of uncertainty.
7.2 A Numerical Example of Information-Constrained Landholdings
In an altered model with idiosyncratic unobservable shocks to each
of a fixed number of indivisible plots, land fragmentation is shown
to be sensitive to whether ex post transfers are set at zero exoge-
nously or are endogenously determined in a private information
optimum.
7.3 Incentive Schemes with Costly Monitoring of Labor Effort
The analysis of landholdings is extended to allow reallocated labor.
This requires costly monitoring by the demander of labor, but also
gives the supplier of labor potentially beneficial information on the
demander s plot. The lord s system of sharecropping versus de-
mesne is now endogenous.
7.4 Landholdings with Indivisible and Privately Held Oxen
Landholding patterns are further restrained if farming required
XÍV CONTENTS
oxen and these are indivisible and privately held. This can cause
more skewed ownership patterns, including the existence of a land-
less class. Ex ante division can now play less of a role; the role of ex
post transfers is enhanced.
Chapter 8
Conclusion 133
References 137
Index 141
|
any_adam_object | 1 |
author | Townsend, Robert M. |
author_facet | Townsend, Robert M. |
author_role | aut |
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building | Verbundindex |
bvnumber | BV008329711 |
callnumber-first | H - Social Science |
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callnumber-raw | HC254.3.T685 1993 |
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dewey-sort | 3330.942 49173 14 |
dewey-tens | 330 - Economics |
discipline | Soziologie Geschichte Wirtschaftswissenschaften |
era | Geschichte 1066-1600 gnd |
era_facet | Geschichte 1066-1600 |
format | Book |
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geographic | Gran Bretaña - Condiciones económicas - 1066 1485 England Economic conditions 1066-1485 England (DE-588)4014770-8 gnd |
geographic_facet | Gran Bretaña - Condiciones económicas - 1066 1485 England Economic conditions 1066-1485 England |
id | DE-604.BV008329711 |
illustrated | Illustrated |
indexdate | 2024-07-09T17:18:24Z |
institution | BVB |
isbn | 0691042705 |
language | English |
oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-005502401 |
oclc_num | 26260355 |
open_access_boolean | |
owner | DE-12 DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-N2 DE-521 DE-11 |
owner_facet | DE-12 DE-473 DE-BY-UBG DE-19 DE-BY-UBM DE-N2 DE-521 DE-11 |
physical | XVI, 145 S. graph. Darst., Kt. |
publishDate | 1993 |
publishDateSearch | 1993 |
publishDateSort | 1993 |
publisher | Princeton Univ. Press |
record_format | marc |
series2 | Frontiers of economic research |
spelling | Townsend, Robert M. Verfasser aut The medieval village economy a study of the Pareto mapping in general equilibrium models Robert M. Townsend Princeton, NJ Princeton Univ. Press 1993 XVI, 145 S. graph. Darst., Kt. txt rdacontent n rdamedia nc rdacarrier Frontiers of economic research Pareto, Vilfredo 1848-1923 (DE-588)118591711 gnd rswk-swf Geschichte 1066-1600 gnd rswk-swf Aldeas - Aspectos económicos - Gran Bretaña - Modelos matemáticos Dorpen gtt Equilibrio (Economía política) Evenwichtsmodellen (Economie) gtt Landgebruik gtt Señoríos - Aspectos económicos - Gran Bretaña - Modelos matemáticos Tierra, Uso de la - Aspectos económicos - Gran Bretaña - Modelos matemáticos Geschichte Landwirtschaft Mathematisches Modell Wirtschaft Manors Economic aspects England Mathematical models Village communities Economic aspects England Mathematical models Agriculture Economic aspects England Mathematical models Land use Economic aspects England Mathematical models Land use England History To 1500 Manors England History To 1500 Equilibrium (Economics) Wirtschaft (DE-588)4066399-1 gnd rswk-swf Dorf (DE-588)4012775-8 gnd rswk-swf Gleichgewichtsmodell (DE-588)4125214-7 gnd rswk-swf Gran Bretaña - Condiciones económicas - 1066 1485 England Economic conditions 1066-1485 England (DE-588)4014770-8 gnd rswk-swf Pareto, Vilfredo 1848-1923 (DE-588)118591711 p England (DE-588)4014770-8 g Dorf (DE-588)4012775-8 s Wirtschaft (DE-588)4066399-1 s Gleichgewichtsmodell (DE-588)4125214-7 s Geschichte 1066-1600 z DE-604 http://www.loc.gov/catdir/description/prin031/92024766.html Publisher description http://www.loc.gov/catdir/toc/prin031/92024766.html Table of contents Digitalisierung UB Bamberg - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005502401&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Townsend, Robert M. The medieval village economy a study of the Pareto mapping in general equilibrium models Pareto, Vilfredo 1848-1923 (DE-588)118591711 gnd Aldeas - Aspectos económicos - Gran Bretaña - Modelos matemáticos Dorpen gtt Equilibrio (Economía política) Evenwichtsmodellen (Economie) gtt Landgebruik gtt Señoríos - Aspectos económicos - Gran Bretaña - Modelos matemáticos Tierra, Uso de la - Aspectos económicos - Gran Bretaña - Modelos matemáticos Geschichte Landwirtschaft Mathematisches Modell Wirtschaft Manors Economic aspects England Mathematical models Village communities Economic aspects England Mathematical models Agriculture Economic aspects England Mathematical models Land use Economic aspects England Mathematical models Land use England History To 1500 Manors England History To 1500 Equilibrium (Economics) Wirtschaft (DE-588)4066399-1 gnd Dorf (DE-588)4012775-8 gnd Gleichgewichtsmodell (DE-588)4125214-7 gnd |
subject_GND | (DE-588)118591711 (DE-588)4066399-1 (DE-588)4012775-8 (DE-588)4125214-7 (DE-588)4014770-8 |
title | The medieval village economy a study of the Pareto mapping in general equilibrium models |
title_auth | The medieval village economy a study of the Pareto mapping in general equilibrium models |
title_exact_search | The medieval village economy a study of the Pareto mapping in general equilibrium models |
title_full | The medieval village economy a study of the Pareto mapping in general equilibrium models Robert M. Townsend |
title_fullStr | The medieval village economy a study of the Pareto mapping in general equilibrium models Robert M. Townsend |
title_full_unstemmed | The medieval village economy a study of the Pareto mapping in general equilibrium models Robert M. Townsend |
title_short | The medieval village economy |
title_sort | the medieval village economy a study of the pareto mapping in general equilibrium models |
title_sub | a study of the Pareto mapping in general equilibrium models |
topic | Pareto, Vilfredo 1848-1923 (DE-588)118591711 gnd Aldeas - Aspectos económicos - Gran Bretaña - Modelos matemáticos Dorpen gtt Equilibrio (Economía política) Evenwichtsmodellen (Economie) gtt Landgebruik gtt Señoríos - Aspectos económicos - Gran Bretaña - Modelos matemáticos Tierra, Uso de la - Aspectos económicos - Gran Bretaña - Modelos matemáticos Geschichte Landwirtschaft Mathematisches Modell Wirtschaft Manors Economic aspects England Mathematical models Village communities Economic aspects England Mathematical models Agriculture Economic aspects England Mathematical models Land use Economic aspects England Mathematical models Land use England History To 1500 Manors England History To 1500 Equilibrium (Economics) Wirtschaft (DE-588)4066399-1 gnd Dorf (DE-588)4012775-8 gnd Gleichgewichtsmodell (DE-588)4125214-7 gnd |
topic_facet | Pareto, Vilfredo 1848-1923 Aldeas - Aspectos económicos - Gran Bretaña - Modelos matemáticos Dorpen Equilibrio (Economía política) Evenwichtsmodellen (Economie) Landgebruik Señoríos - Aspectos económicos - Gran Bretaña - Modelos matemáticos Tierra, Uso de la - Aspectos económicos - Gran Bretaña - Modelos matemáticos Geschichte Landwirtschaft Mathematisches Modell Wirtschaft Manors Economic aspects England Mathematical models Village communities Economic aspects England Mathematical models Agriculture Economic aspects England Mathematical models Land use Economic aspects England Mathematical models Land use England History To 1500 Manors England History To 1500 Equilibrium (Economics) Dorf Gleichgewichtsmodell Gran Bretaña - Condiciones económicas - 1066 1485 England Economic conditions 1066-1485 England |
url | http://www.loc.gov/catdir/description/prin031/92024766.html http://www.loc.gov/catdir/toc/prin031/92024766.html http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005502401&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
work_keys_str_mv | AT townsendrobertm themedievalvillageeconomyastudyoftheparetomappingingeneralequilibriummodels |